The cost-of-living crisis has led to a two-fold increase in the number of young adults needing support with managing money, new figures reveal.
One in five young people seeking the advice of Citizens Advice need help with debt.
The charity warns many young people are cash-strapped as they face a triple threat of soaring living costs, rising private rents and high inflation.
The proportion of young adults (18-24 year-olds) that Citizens Advice has supported with financial capability guidance doubled in 2023 compared to 2019.
In 2019, Citizens Advice helped four per cent of young adults with this issue. In 2023 the proportion was eight per cent.
In total Citizens Advice supported nearly 1,000 under 25s in 2019 with financial capability advice and over 5,500 under 25s in 2023.
One of the issues being flagged up by the charity is many young adults’ embarrassment at talking about their financial situation.
They shy away from discussing money problems and financial distress is often the “elephant in the room.”
To address this nationally, Citizens Advice is displaying a giant six-metre-tall inflatable elephant in Manchester city centre on 17 February, aiming to create a talking point and encourage young adults to open up about their finances and seek support.
